Whether you like it or not nothing is more certain that the banks can and will recover monies advanced to investors in the various MIS projects.
The Product Ruling provided by the ATO in respect of each scheme specifically provides that the Ruling does not apply if a Grower enters into a finance arangement that has certain defined features including:
"lenders do not have the capacity under the loan agreement, or a genuine intention, to take legal action against defaulting borrowers"
Lenders, including BAB, would be aware of the provisions in the Product Ruling before they advanced any monies to borrowers, or became party to loan transactions by way of assignment, and will do what ever might be required to ensure the loans are repaid.
GTP Price at posting:
12.0¢ Sentiment: None Disclosure: Held
